Economy World

Greece can wait until mid-November

ATHENS, Greece -On Tuesday Finance Minister Evangelos Venizelos said  that Greece could wait until mid-November to receive a new tranche of aid granted in May 2010.

Evangelos Venizelos was speaking after returning from a meeting of finance ministers from the euro area in Brussels, during which they have indicated that Athens would receive this new installment, but that the decision would be formally taken during the month October.

Greece had previously said it could find itself in default in mid-October without a new payment.

Inspectors of the troika (EU, IMF and World Bank) were initially recommended last month the release of the $ 8 billion, taken from the 110 billion euros in loans in May 2010. But the Greek finance audit was interrupted for several weeks, Athens has not met the targets set in return for help.

On Monday the Greek government submitted to parliament  a draft budget for 2012 which provides for the suspension of tens of thousands of officials, after announcing that it would not achieve the objectives of reducing the budget deficit originally set for 2011-2012.

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